El Guapo 8 Posted February 18, 2009 Share Posted February 18, 2009 guess the number of states with housing prices either stable or increasing. don't look it up, just guess.IDK, I would say 30 right now. +/- 5 Link to post Share on other sites
Nimue1995 1 Posted February 18, 2009 Share Posted February 18, 2009 31% of income is kinda funny actually. When my hubby and I got our first house it was 25% of income and your TOTAL debt couldn't be more than 33% of income. Somehow 31% still sounds like people with houses they shouldn't afford. Anyway, it's great for my daughter and son-in-law just getting out of the Army. For one thing they're buying our rental house with a wonderful interest rate. And the plus/minus is we get the money out of the rental house to work on ours. Which is like about 75% of homes in the valley - partially remodeled until we ran out of money,lol. I say minus because we have to pay the friggin' capital gains. But it could be so much worse,lol.P.S. We own our residence free and clear. Now you all can get really pissed off at me,lol. Link to post Share on other sites
CaneBrain 95 Posted February 19, 2009 Share Posted February 19, 2009 IDK, I would say 30 right now. +/- 5I'm going with 11. Link to post Share on other sites
Sal Paradise 57 Posted February 19, 2009 Share Posted February 19, 2009 The last time this happened we had... well we had what we are in now.yeah, I think this basically summarizes the whole thing. Link to post Share on other sites
85suited 0 Posted February 19, 2009 Share Posted February 19, 2009 So what do those of us get that paid off our 30 year mortgage...By paying extra each month, saving where we could and not living beyond our means? Link to post Share on other sites
vbnautilus 48 Posted February 19, 2009 Share Posted February 19, 2009 So what do those of us get that paid off our 30 year mortgage...By paying extra each month, saving where we could and not living beyond our means? Link to post Share on other sites
brvheart 1,752 Posted February 19, 2009 Share Posted February 19, 2009 I don't know if I am totally against this, in that if it's not done your home value will continue to go down- so, either way you, the current caught up on your payments homeowner, will pay. I look at the housing crisis as what's done is done, next time lets not make the same mistakes, the problem as I see it is people are not aware of exactly what those mistakes were, therefore don't know who to vote for/not to vote for so we can avoid this. Most people I talk to have no idea that it was Democrats that got this ball rolling, all they know is it's Bushs fault.I am absolutely 100% totally against all bailouts. This is simply awful. Link to post Share on other sites
Loismustdie 0 Posted February 19, 2009 Share Posted February 19, 2009 So, after doing some thinking I am against it, and I will tell you what happened. I was affected by Obamamania. I watched his speech in Phoenix and some of the things started making sense. It was really, really weird, even as I was posting certain things it's like it wasn't my fingers typing. So, as CheckyMcFold would say, I put on some pants and went anywhere that wasn't here. I rented a carpet cleaner. I bought a nice brisket and some big ass shrimp for the grill. I came home, scrubbed my whole house and cooked till my soul was clean, and then it hit me: People losing a home is not the end of the world. Turns out, when that happens, you can rent. Artificially propping up prices doesn't help the situation. I'm back, and my house is crazy clean. Thanks for your support in my time of need. Link to post Share on other sites
Janfor99 0 Posted February 19, 2009 Share Posted February 19, 2009 So, after doing some thinking I am against it, and I will tell you what happened. I was affected by Obamamania. I watched his speech in Phoenix and some of the things started making sense. It was really, really weird, even as I was posting certain things it's like it wasn't my fingers typing. So, as CheckyMcFold would say, I put on some pants and went anywhere that wasn't here. I rented a carpet cleaner. I bought a nice brisket and some big ass shrimp for the grill. I came home, scrubbed my whole house and cooked till my soul was clean, and then it hit me: People losing a home is not the end of the world. Turns out, when that happens, you can rent. Artificially propping up prices doesn't help the situation. I'm back, and my house is crazy clean. Thanks for your support in my time of need. Welcome back from decon!!! Link to post Share on other sites
Balloon guy 158 Posted February 19, 2009 Author Share Posted February 19, 2009 I laughed Link to post Share on other sites
nutzbuster 7 Posted February 19, 2009 Share Posted February 19, 2009 Probably old news to some, but still awesome...http://www.econlib.org/library/Columns/y20...rtsleaders.html Link to post Share on other sites
Nimue1995 1 Posted February 19, 2009 Share Posted February 19, 2009 So what do those of us get that paid off our 30 year mortgage...By paying extra each month, saving where we could and not living beyond our means?What do you get? No stress over what the housing market does or doesn't do. No filling out paperwork and stressing about your house being underwater. No looking for a rental because your house foreclosed. No worrying about how this all would affect your credit. No risk of bankruptcy. If you do lose your job, unless you can't pay the taxes on your house, you don't lose your house. And even if you can't pay your taxes, it takes 3 years for a tax foreclosure as opposed to a mortgage foreclosure which only takes 3 months of non-payment. To me all of the above is worth way more than whatever these people will get from the government. Link to post Share on other sites
Vandees 0 Posted February 19, 2009 Share Posted February 19, 2009 Ugh!!!The irresponsible get the bailout, the rest of us get the shaft and fund it. I love where this country is going s/wA lot of people buy a house for the investment. Your investment went bad. The method you used to choose your investment was out of your league, and you can't afford to keep your investment. You, therefore, should lose your investment. What is the big deal? I'm serious here.The only way this program should help is to "bridge the gap" when homes are sold short. You want to downgrade your mortgage, move to a more sensibly priced home, I'm OK with some govt money going to help you out from under your home. If you want to stay where you live, have your back payments eliminated, your interest rate dropped, F you--get a second job at McD's or WalMart. Don't tell me they aren't hiring. Believe me I worked in real estate collection and modification for years. 80% of the people that don't pay their mortgage now still won't pay their mortgage, regardless of the rate, balance, etc. They'll look for the next "bailout." This is a guarantee. Link to post Share on other sites
Zealous Donkey 0 Posted February 19, 2009 Share Posted February 19, 2009 This guy doesn't seem too thrilled about the Obama mortage relief plan. http://www.cnbc.com/id/15840232?video=1039849853 Link to post Share on other sites
LongLiveYorke 38 Posted February 19, 2009 Share Posted February 19, 2009 This guy doesn't seem too thrilled about the Obama mortage relief plan. http://www.cnbc.com/id/15840232?video=1039849853 Fine, then let's not improve the liquidity of any banks that guys has his money tied to, and let's not help any mortgages that this man has directly or indirectly invested in. Deal? Link to post Share on other sites
Zealous Donkey 0 Posted February 19, 2009 Share Posted February 19, 2009 Fine, then let's not improve the liquidity of any banks that guys has his money tied to, and let's not help any mortgages that this man has directly or indirectly invested in. Deal?I didn't link this in support of what he was saying. I don't understand enough about all of this to know what is best to do. He did state his view rather emphatically and was entertaining. I guess I like that he just came out and said what he thought. Link to post Share on other sites
hblask 1 Posted February 19, 2009 Share Posted February 19, 2009 Fine, then let's not improve the liquidity of any banks that guys has his money tied to, and let's not help any mortgages that this man has directly or indirectly invested in. Deal?Does he get to skip paying taxes on these economically harmful programs, too? Link to post Share on other sites
Janfor99 0 Posted February 19, 2009 Share Posted February 19, 2009 Fine, then let's not improve the liquidity of any banks that guys has his money tied to, and let's not help any mortgages that this man has directly or indirectly invested in. Deal?LLY do you have a mortgage? Link to post Share on other sites
LongLiveYorke 38 Posted February 19, 2009 Share Posted February 19, 2009 LLY do you have a mortgage?No, I rent. Link to post Share on other sites
Nimue1995 1 Posted February 19, 2009 Share Posted February 19, 2009 Are you sure your rental isn't under water right now LLY? It's not just the homeowner that can get the shaft here, you know. Anyway, I think the first problem is the idea of your home as an investment. Your home is first and foremost a place to live and 2nd an investment if it happens to work out that way. Now a second home or a rental - that's an investment. But people need to get the idea of the home they live in being an investment out of their heads. If you're not staying where you are for more than 5 years - rent. If you don't have the money to make at least a 10 percent down payment - rent. If the payment will cost more than 30 percent of your income (and I'm being generous here - it really should be 25 percent) - rent. But don't think because you rent that you're safe from foreclosure. All it takes is your landlord defaulting on his loan to put you out on the street. So be sure to inquire of your landlord what the status is of the house/apartment/condo your renting. If he won't tell you, I'd take that as a bad sign. Link to post Share on other sites
Potomophobia 17 Posted February 20, 2009 Share Posted February 20, 2009 I have never suffered fools gladly. ALL of these bailouts bother me. My father used to tell me that freedom also means the freedom to starve. Somehow we have become a society where no one fails. In grade school, high school, college and then in life..... People seem to think they are "entitled" to a good life.Interesting link: http://www.nytimes.com/2009/02/18/educatio...tml?_r=1&emI'm not happy about bailing out FOOLS. FOOLS at the highest levels of management and FOOLS at the lowest end of the scale.Unfortunately there isn't much I can do about it.All I can do, and have done, is take care of my family. My house is paid off. My children have been taught that the world owes them nothing.But I am very concerned about a country where incompetence and stupidity is rewarded. Link to post Share on other sites
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